Mortgage Stocks Hit as Market Sinks on Monday
The broader stock market retrenched over the economic turmoil once again plaguing Europe and the Mortgage Industry Equity Composite felt the pain as only three stocks closed higher on Monday than they did Friday, while a fourth broke even.
Radian Group was the biggest percentage gainer, up 1.29%, while its private mortgage insurance competitor MGIC Investment Group was the stock that broke even. Both companies have been soaring after they recently successfully raised equity and debt capital. The other stocks finishing on a positive note were KB Home and Astoria Financial.
CoreLogic finished the day down 2.18% from Friday, with Redwood Trust off 1.50% and Hudson City Bancorp down 1.25%.